Form 990PF: Overview of the Basics and Tax Return Walk thru (Completed)
Date: Tuesday, January 25, 2022
Instructor: Clark Nuber, Kathryn Okimoto, Lisa McCreedy
| Begin Time: |
9:00am Pacific Time
10:00am Mountain Time
11:00am Central Time
12:00pm Eastern Time |
| CPE Credit: |
2 hours for CPAs |
|
Private foundations face significant compliance challenges that can have serious consequences if not properly managed. While still a type of charitable organization under IRC section 501(c)(3), private foundations have an additional set of compliance rules including an entirely different annual tax return filing. This course offers a practical overview of the compliance issues, planning opportunities to mitigate risks going forward, and insights on the annual Form 990-PF tax return for foundations.
Who Should Attend
CPAs, CFOs, auditors, bookkeepers, staff accountants and others working with not-for-profit entities.
Topics Covered
- Brief overview of private foundations
- Form 990”PF preparation cautions and common mistakes
- Annual payout requirement under IRC section 4942 and common payout strategies
- Calculation of the net investment excise tax under IRC section 4940 and proper estimated tax payments
- Questions and interdependencies on the Form 990”PF
- Overview of private foundation prohibitions under IRC sections 4941 - 4945
Learning Objectives
- Identify and apply key tax challenges impacting private foundations
- Recognize the parts of Form 990-PF and how they apply
- Differentiate the questions and disclosures required on the Form 990-PF
- Recognize how to properly calculate the annual distribution requirement and identify planning strategies for the future
Level
Basic
Instructional Method
Group: Internet-based
NASBA Field of Study
Taxes (2 hours)
Program Prerequisites
None
Advance Preparation
None
